Oil prices slid more than 1 percent on Tuesday as expectations that OPEC would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand.
Brent crude dropped 80 cents, or 1.3 percent, to $62.89 a barrel in early London trading, after losing 1.1 percent the previous day. US West Texas Intermediate (WTI) crude fell 69 cents, or 1.1 percent, to $59.95 a barrel, having lost 1.4 percent on Monday.
They both touched the lowest in more than 6 days, extending losses that started late last week.
Expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would boost oil output from April are pushing prices lower, said Satoru Yoshida, a commodity analyst with Rakuten Securities.
“Concerns over an increase in OPEC+ supply and an end of Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) this month weighed on oil prices,” he said.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to reductions agreed to under the previous OPEC+ pact, a Reuters survey found, ending a run of seven consecutive monthly increases.
Russian oil and gas condensate output fell to 10.1 million bpd in February from 10.16 million bpd in the previous month, despite plans to boost it, according to Reuters calculations based on an Interfax report citing official data.
OPEC+ is monitoring global inventories and the rate of drawdowns will be a factor discussed on Thursday.
“Oil prices may stay under pressure as investors are making position adjustments ahead of the OPEC meeting,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Market sentiment was also dampened by weak manufacturing data out of China, Kikukawa said.
China’s factory activity growth slipped to a nine-month low in February, which may curtail Chinese crude demand and pressure oil prices.
Oil slides 1% on fears over higher OPEC supply, slower China demand
Oil slides 1% on fears over higher OPEC supply, slower China demand
Focus on emerging filmmakers at 11th Showreel Effat International Student Film Festival
- The event included films by young Saudis and their peers from around the world, plus seminars and workshops presented by industry insiders
JEDDAH: Effat University’s School of Cinematic Arts in Jeddah welcomed aspiring filmmakers and cinephiles to the 11th Showreel Effat International Student Film Festival this week.
The theme for the three-day event, which concluded on Thursday, was “Behind the Seen,” reflecting the aim of organizers to shed light on the creative process and less-visible aspects of filmmaking. The program included a diverse range of cinematic offerings celebrating the work and talent of student filmmakers, not only those studying at the school but also their peers around the globe.
Mohammed Ghazala, head of the School of Cinema Arts, set the scene with an overview of the works featured during the festival, at the heart of which were films created by students and graduates of the school, which has been a pioneer in film and animation education in the Kingdom.
Alongside the home-grown talent, the festival provided a showcase for an impressive selection of international student films. These were carefully curated from a pool of 2,150 submissions from more than 115 countries, which were whittled down to a final selection of 57 exceptional works from 27 nations: Saudi Arabia, Egypt, Lebanon, Tunisia, Yemen, Morocco, Turkey, France, Belgium, Japan, Italy, Estonia, the Czech Republic, the US, China, New Zealand, Singapore, Canada, Taiwan, Russia, Greece, Spain, Poland, India, Indonesia, Mexico and Pakistan.
The chosen films competed for awards in seven categories, including Best Saudi Feature Film, Best International Animated Film, and the prestigious Audience Award.
In addition to providing a platform for emerging filmmakers to showcase their talent and creativity, organizers said the festival also aims to foster cultural exchanges and celebrate the art of cinema on a global scale.
Integral to this is a commitment to nurturing talent and encouraging dialogue within the industry, which was reflected in a series of seminars and workshops led by industry professionals. Effat University lecturer and festival coordinator Marina Ivanseva gave an overview of the sessions, which offered insights into a wide spectrum of topics key to the craft.
They included sessions on a creative cinematic post-production workshop supported by video-streaming service Netflix, cinematography workshops conducted by film camera manufacturer ARRI, and a visual effects workshop backed by specialist studio VFX Mojo.
They were presented by renowned figures and industry insiders such as Saudi artist Sarah Taibah, Oscar-winning German director Thomas Stelmach, British professor Rut Luxemburg, American visual effects artist Matt Beck, and cinematographer James Niehaus.
There were also lectures on animation and experimental film presented by the Royal College of Arts in London, while Stellmach offered insights into his professional journey that led to the Oscars. Saudi producer Nadia Malaika shared valuable career insights, Egyptian lawyer Khaled Al-Arabi discussed legal rights in filmmaking, and Mohammed Sobeih looked at the creation of animated films using Toon Boom software. The festival concluded with a session focusing on animated cinema presented by Synergy University.
“We were thrilled to welcome numerous local and international guests who shared their cinematic experiences with us … during the 11th Showreel Effat International Student Film Festival,” said Asmaa Ibrahim, the dean of Effat College of Architecture and Design.
“Students from Dar Alhekma, King Abdulaziz, and Princess Noura (universities) in Riyadh joined us in celebration. It was a delight to host guests from prestigious institutions such as the Royal College of Art, Netflix, Maflam, Film Association and VFX Mojo, who conducted exceptional workshops. The interactive discussions were engaging and we appreciate the participation of everyone.”
Karim Sahai, a visual effects professional from France, said: “I’m proud to have been a part of this incredible festival, with such a fantastic audience and remarkable guests from all over.
“The quality of their engagement and the depth of their questions during my workshop surpassed my expectations. I truly believe I’ll return to bask in this energy once more; it’s truly inspiring.”
Beyond artistic appreciation, organizers said another aim of the festival is to help forge academic and strategic partnerships, and Effat University has built alliances with institutions such as the University of Southern California and the Red Sea Film Festival Foundation with the goal of fostering collaboration and exchange of knowledge on a global scale.
New Zealand outclass Pakistan to win 4th T20I
- Opener Tim Robinson hit a half-century to ensure New Zealand reached 178-7 in 20 overs
- Pacer William O’ Rourke returned figures of 3-27 to keep Pakistan down to 174-8 in 20 overs
LAHORE: Experienced allrounder Jimmy Neesham kept his cool to defend six off the last ball to clinch a four-run victory for New Zealand on Thursday in the fourth Twenty20 international against Pakistan in Lahore.
Pakistan needed 18 off the last over in their chase of 179 but Neesham came out in flying colors despite being hit for a boundary off the first ball, giving a packed Qaddafi Stadium crowd heartbreaks.
Opener Tim Robinson hit a maiden half century to lift New Zealand to 178-7 in 20 overs before pacer William O’Rourke claimed 3-27 to keep Pakistan down to 174-8.
Returning allrounder Imad Wasim (22 not out) managed to hit the last ball for a single as New Zealand take an unassailable 2-1 lead in the five-match series with the last game on Saturday, also in Lahore.
Pakistan also lost the third match by seven wickets after winning the first by the same margin while the first match was abandoned after just two balls — all three in Rawalpindi.
The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup to be held in the United States and the West Indies in June.
New Zealand, missing a host of players due to Indian Premier League, injuries and unavailability, can feel elated at their bench strength going into the World Cup.
Pakistan sensed they were in with a chance when Fakhar Zaman, who made 45-ball 61 with three sixes and four boundaries, lifted Pakistan from 79-4 with a 59-run stand for the fifth wicket with Iftikhar Ahmed who made a 20-ball 23.
But O’Rourke, playing only his fourth T20I, dismissed Ahmed to add to his wickets of Babar Azam (five) and Saim Ayub (20) to give New Zealand a boost.
Fellow pacer Ben Sears (2-27) claimed Zaman’s wicket with 33 needed off 14 balls.
Earlier, Robinson batted with aggression.
Robinson’s 36-ball 51 with two sixes and four fours lifted New Zealand — who were sent in to bat — to 93-1 in 10 overs before Abbas Afridi’s career best 3-20 helped Pakistan pull back.
New Zealand started briskly with Robinson and Tom Blundell, who made 28 off 15, putting on 56 for the opening stand in five overs.
But from 94-1 New Zealand lost three wickets, including that of dangerman Mark Chapman for eight, as Pakistan’s fielders held catches to back some good bowling by Abbas.
Dean Foxcroft chipped in with 34 off 26 deliveries and skipper Michael Bracewell added 27 to keep the scoreboard ticking as New Zealand managed 43 in the last five overs.
Pakistan were forced to make five changes as wicketkeeper-batter Mohammad Rizwan and Muhammad Irfan Khan were injured while they rested Shaheen Shah Afridi, Naseem Shah and Abrar Ahmed.
Investigation clears coalition on claims of rights violations at Yemen sites
- Report details three incidents, including claims that coalition forces targeted two houses in the Sha’aban area, a civilian house in Al-Hudaydah governorate, and Al-Ghail Health Center
- Investigation concluded that the coalition carried out an air mission on a military target, 4.5 km away from the coordinates of the claimed two houses, using one guided bomb that hit its target
RIYADH: The Joint Incident Assessment Team held a conference in Riyadh on Wednesday to announce the results of investigations into allegations against coalition forces in Yemen.
The report details three incidents, including claims that coalition forces targeted two houses in the Sha’aban area, a civilian house in Al-Hudaydah governorate, and Al-Ghail Health Center in Al-Ghail.
Team spokesman Mansour Al-Mansour said that “with regards to what was stated in the ninth periodic report on the works of the National Commission to Investigate Alleged violations to Human Rights in Yemen (NCIAVHR) on Dec 11, 2017, the Coalition Forces targeted G.J house and M.J. house in Sha’aban area in Razih directorate of Sa’ada governorate, the targeting resulted in the destruction of the two houses, killing and injuring number of people, and the destruction of two cars.”
Al-Mansour, said that the investigation had concluded that the coalition forces carried out an air mission on a military target, 4.5 km away from the coordinates of the claimed two houses, using one guided bomb that hit its target.
Regarding the allegation that the coalition targeted a civilian house in Al-Jirahi directorate of Al-Hudaydah governorate on Dec. 1, 2021, and that one man and two children were injured in the strike, JIAT found that the coalition did not carry out any air missions in the whole of the governorate.
JIAT also exonerated the coalition over a report issued by Physicians for Human Rights which stated that on Feb. 24, 2016, coalition forces aircraft dropped three munitions on Al-Ghail Health Center in Al-Ghail directorate of Al-Jawf governorate.
At the time, Houthi militia were occupying the site and using it as a military center. The building was partially destroyed in the attack.
In response to the allegation, JIAT found that coalition forces carried out an air mission on a military target, consisting of a gathering of fighter elements belonging to the Houthi militia, in a vacant area, 2.9 km away from Al-Ghail Health Center, using one guided bomb that hit its target.
Foreign minister of Yemen’s internationally recognized government received by Saudi counterpart
- Yemen’s internationally recognized Presidential Leadership Council appointed Al-Zindani as foreign minister in late March
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received his Yemeni counterpart Shaya Mohsin Al-Zindani in Riyadh on Thursday.
Prince Faisal congratulated Al-Zindani on his recent appointment as foreign minister by Yemen’s internationally recognized Presidential Leadership Council at the end of March, and wished him success in the role.
During the meeting, the two ministers reviewed aspects of bilateral relations and ways to strengthen and develop them in various fields. They also discussed topics of common interest.
‘Uncommitted’ organizers will join campus protesters in Michigan over Gaza
- Student protests in the US over the war in Gaza have intensified and expanded over the past week
- Democrats have become increasingly uneasy over the US support for Israel as the death toll and destruction climb in Gaza
WASHINGTON: Organizers behind the “uncommitted” political movement against President Joe Biden’s staunch support for Israel’s war against Hamas will travel to the University of Michigan’s campus on Thursday to join students protesting the war.
Student protests in the US over the war in Gaza have intensified and expanded over the past week after police first arrested students at Columbia, with so-called Gaza solidarity encampments established at colleges, including Yale, and New York University. Police have been called in to several campuses to arrest hundreds of student demonstrators.
Uncommitted organizers will travel to the University of Michigan’s Ann Arbor campus, they told Reuters, bringing together a political movement that’s disrupted Biden events and amassed hundreds of thousands of votes in Democratic primaries and a student movement that’s drawn students and faculty of various backgrounds.
Biden won Michigan by less than a 3 percent margin in 2020.
Democrats have become increasingly uneasy over the US support for Israel as the death toll and destruction climb in Gaza. A growing revolt inside the Democratic base signifies the challenge Biden faces in bringing together the coalition he needs to defeat Republican frontrunner and former President Donald Trump.
“President Biden is choosing to put his hands over his ears and ignore the hundreds of thousands of people who have already come out against the war at the ballot box,” said Abbas Alawieh, a prominent “Uncommitted” organizer, who is going to Ann Arbor with Layla Elabed, another Michigan organizer.
“Signing into law more money for Israel is sending a clear message to uncommitted voters, young voters that he doesn’t care to engage seriously with our demands to end this war,” he said, referring to the $26 billion in new aid Biden recently approved.
Alawieh said the uncommitted movement has not been coordinating with student groups so far. “We have an electoral focus, but we certainly see the demands of student protesters, who are calling for peace,” he said.
On campuses where protests have broken out, students have issued calls for a permanent ceasefire in Gaza, an end to US military assistance for Israel, university divestment from arms suppliers and other companies profiting from the war, and amnesty for students and faculty members who have been disciplined or fired for protesting.
Biden told reporters on Monday that he condemned both “antisemitic protests” and “those who don’t understand what’s going on with the Palestinians.” Biden campaign spokeswoman Lauren Hitt has said the president “shares the goal for an end to the violence and a just, lasting peace in the Middle East. He’s working tirelessly to that end.”
Trump called the campus protest situation “a mess” as he walked into his criminal trial in New York.
The uncommitted movement amassed sizable vote totals in Michigan, Minnesota and Hawaii primaries and had won 25 delegates as of the beginning of April. They are preparing to target the Democratic National Convention in Chicago in August, where Biden is expected to be nominated.
Polls show Biden and Trump running neck-and-neck ahead of their Nov. 5 election rematch nationally. Biden’s 2020 victory was due to narrow wins in key swing states like Michigan.
